Jim Cramer of CNBC said Monday that investors shouldn’t be scared away from cybersecurity stocks that have already rallied. CrowdStrike and Palo Alto shares climbed 84% and 106% respectively so far this year. TD Cowen raised its price target on CrowdStrike to $235 and on Palo Alto to $400, while maintaining buy ratings on both stocks. Cramer argued that the growing number of cyberattacks and the shift to cloud computing provide these companies with a long runway for growth.
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